Tata Power has acquired 26 per cent stake in PT Baramulti Sukses Sarana Tbk (BSSR), Indonesia, through its 100 per cent subsidiary Khopoli Investments Ltd. (Khopoli), and is now a 26 per cent shareholder in BSSR.
PT Antang Gunung Meratus (AGM), a 100 per cent subsidiary of the BSSR, and BSSR together own about 1 billion tonnes of coal resources in South and East Kalimantan in Indonesia, Tata Power, said in a statement.
“We recognise fuel security is key to support Tata Power’s growth agenda. Thus, besides entering into coal offtake agreement, we have acquired 26 per cent stake in this coal mine too as its reserves and outlook are very promising. This acquisition would aim to support our power generation projects in select geographies, to be developed over the next few years,” said Anil Sardana, Managing Director, Tata Power.
Tata Power’s existing Indonesia presence includes 30 per cent equity stake in PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia (AI). As part of the acquisition, Tata Power has signed an offtake agreement which entitles it to purchase about 10 million tonnes of coal per annum.
Additionally, a consortium comprising Tata Power, Origin Energy and PT Supraco is developing a geothermal project in Indonesia with about 240 MW of generation capacity, Tata Power said in the statement.
You have reached your limit for free articles this month.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Support Quality Journalism.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
Please Email the Editor